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Broker 经纪商 |
An intermediary in financial markets who acts to bring together buyers and sellers for a fee. They collect a range of bids and offers and select only the best bid (the highest and thus the most attractive to a potential seller) and the best offer (usually the lowest as it is the best price to a potential buyer). Brokers charge a commission for each transaction. Charges vary across products and can be also subject to volume discounts, ceilings, group discounts etc. Relationships between dealers and brokers are carefully monitored as it can result in favoritism and abuse of client orders.金融市场撮合买卖双方赚取费用的中介机构。他们收集一定范围内的报价与要价，挑选出最好的报价（最高价，也是对潜在卖方最有吸引力的价格）和最好的要价（最低价，也是潜在买方的最好价格）。经纪商对每一笔交易收取佣金。费用根据产品不同而变化，也会受到大额优惠、费用上限、批量优惠等的影响。交易商与经纪商之间的关系受到严密的监管，因为两者之间的密切关系可能会导致对客户指令的偏护与滥用。 |
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Clearinghouse 清算所 |
A department of an exchange or a separate legal entity that provides a range of services relating to the clearance and settlement of trades and the management of risks associated with the resulting contracts. A clearinghouse is often central counterparty to all trades, that is, the buyer to every seller and the seller for every buyer. 交易所的一个部门或一个独立的法人实体，提供各种服务，包括交易清算与结算以及与合约相关的风险管理。清算所通常是所有交易的中央交易对手，即所有卖方的买方以及所有买方的卖方。 |
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Commercial bank 商业银行 |
An institution that specializes in making loans and taking deposits. 从事发放贷款、吸收存款的机构。 |
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Contract 合约 |
Unit of trading for a financial or commodity future or forward. Also, actual bilateral agreement between the parties (buyer and seller) of a futures or forwards transaction. 金融或商品期货或远期的交易单位。也是期货或远期交易中双方（买方与卖方）签署的双边协议。 |
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Cost of Carry 持仓成本 |
The cost of financing an asset. If the cost is lower than the interest received, the asset has positive carry. The cost of carry is determined by the opportunities for lending the asset and the shape of the yield curve. Commodities: Cost of carry includes finance costs but also warehousing, storage, insurance, transportation. 资产融资成本。如果成本低于获得的利息，则资产的持有成本为正。持有成本由借出资产的机会与收益率曲线的形状决定。商品：持有成本不仅包括融资成本，还包括仓储、保险、运输等。 |
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Counterparty 交易对手 |
The principal to financial transaction. 金融交易的主体。 |
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Credit risk 信用风险 |
Delivery risk (also known as settlement risk): Delivery risk occurs when two parties to a transaction exchange principals (two currencies in a foreign exchange transaction, cash against bonds in a bond sale, etc.).In some cases, as with most Eurobond transactions, settlement is through an established clearing mechanism that guarantees the simultaneous exchange of principals (DVP or delivery against payment) thereby minimizing risk. In other cases, e.g., foreign exchange, the parties pay their respective currencies without knowing if the other counterparty has paid. If one payment has not been made, complete loss of the value of the underlying principal is possible. Payment mismatch risk: Some swaps permit one party to pay interest less frequently (for example if the floating-rate payer pays quarterly and the fixed-rate payer annually). The floating-rate payer is effectively permitting the fixed-rate payer to defer his quarterly payments until the end of the year. In calculating potential exposure in a swap, this exposure must be added to the credit mark-to-market exposure. Any actual mark-to-market exposure will automatically include the effect of a payment deferral feature in a swap. Option premium payment risk: This is the risk that a counterparty will not pay the premium of an option he has bought. Options create no credit mark-to-market risk to the seller, only to the buyer. Delivery risk exists for both buyer and seller on exercise unless the transaction is cash-settled. (See also Credit risk evaluation) 交割风险（也称为结算风险）：交割风险出现在交易双方交换本金时（外汇交易中的两种货币，债券销售中的现金与债券等）。大多数欧元债券交易中，结算通过一个清算机制进行，以确保双方同时交换本金（DVP或付款交割），从而降低风险。而在其他情况下，如外汇交易中，双方在不知道对方是否已经付款的情况下支付货币。如果一方没有付款，则有可能损失全部标的本金。 支付错配风险：有的互换允许一方支付利息的频率更低（如浮动利率支付方每季度支付，而固定利率支付方每年支付）。浮动利率支付方式实际上允许固定利率支付方将每季度的付款安排推迟到年末。在计算互换的潜在风险敞口时，必须在逐日盯市信用风险中计入这一类敞口。所有实际的逐日盯市风险敞口都自动包含了互换的支付递延特征。 期权费支付风险：指交易对手不支付期权费的风险。期权对卖方不产生逐日盯市信用风险，仅对买方产生这一风险。买卖双方均有交割风险，除非交易采用现金结算。（参见信用风险评估） |
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Dealer 交易商 |
A specialist that buys and sells for his or her own account. 使用自有账户进行买卖的专业机构。 |
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Delivery 交割 |
The tender and receipt of an actual commodity or financial instrument, or cash in settlement of a futures contract. 实际商品或金融工具，或期货合约结算现金的交付与收取。 |
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Forward Foreign Exchange 远期外汇 |
All deals over two business days from transaction date for periods of one month onward fixed at the time of dealing. (All deals for a broken number of days up to the month date are known as shorts or short dates). When the maturity falls on a non-trading day, it takes place on the following business day. When the deal is arranged on a day for which spot delivery occurs on the last business day of the month, it matures on the last business day of the appropriate month in the future. When dealers are trading for, say, 3 months forward, the maturity date will be taken as 3 months from the spot settlement date. If this maturity date falls on a non business day in the centre of one of the currencies concerned, the maturity date will be on the next business day unless that day is in the following month, in which case it will be the last business day of the month concerned prior to the Bank Holiday or weekend. 所有从交易日起两个工作日以上，期限为一个月以上的交易。（所有在当月交易日之前特定天数的交易称为短期交易）。如果到期日为非交易日，则在下一个工作日交易。如果合约即期交割日期为当月的最后一个工作日，则在未来适当月份的最后一个工作日到期。如果交易商交易的是3个月远期，则到期日为即期结算日之后的3个月。如果到期日为相关货币中心的非工作日，则在下一个工作日到期，除非下一个工作日为下一个月，则在该月银行假期或周末之前的最后一个工作日到期。 |
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Futures 期货 |
A generic term to describe currency, commodity or interest rate products traded on a regulated exchange. Used for hedging, participants can negotiate a price today for the purchase or sale of a specified quantity of a commodity, currency or an interest rate for delivery at a date in the future. Some of the major futures exchanges are Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), London International Financial Futures Exchange (LIFFE), Singapore International Monetary Exchange (SIMEX), and Sydney Futures Exchange (SFE). (See Clearing House, CME, CBOT, Derivatives, SIMEX, SFE, MATIF, Novation) 在受监管交易所交易的货币、商品或利率产品。用于套期保值时，参与方可以现在商定买卖特定数量商品、货币或利率并在未来特定日期交割的价格。主要期货交易所包括芝加哥商品交易所（CME)、芝加哥交易所(CBOT)、伦敦国际金融期货交易所(LIFFE)、新加坡国际货币交易所(SIMEX)与悉尼期货交易所(SFE)。 （参见清算所、CME、CBOT、衍生品、SIMEX、SFE、MATIF、革新） |
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Margin 保证金 |
This expression is used in loans to determine the rate of interest charged to the borrower over and above the basic rate of interest which is fixed at the commencement of each rollover period (normally every three or six months). 在贷款中指每次展期（一般为每三至六个月）开始时，向贷款人收取的超过基准率的利息。 |
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Market risk 市场风险 |
A generic term to describe interest rate, currency, commodity and equity risk. Refers to the closing out of the position and the original contract rate will differ from the rate at the time of closing out the position. 利率、货币、商品与股权风险的总称。指头寸平仓时合约初始利率与平仓时利率不同的风险。 |
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Position 头寸 |
An interest in the market, either long or short, in the form of open contracts. (See open interest) 对市场的兴趣，为多头或空头，以开放式合约的形式体现。（参见兴趣） |
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Risk 风险 |
The chance that the actual result will differ from the expected return. (See At your risk) |